Commemorated being greatly admired (10)
I believe the answer is:
celebrated
'commemorated' is the definition.
Although both the answer and definition are past participle verbs, I cannot see how one could define the other.
'greatly admired' is the wordplay.
'greatly' becomes 'celeb' (I can't justify this - if you can you should believe this answer much more).
'admired' becomes 'rated' (I've seen this before).
'celeb'+'rated'='CELEBRATED'
'being' is the link.
Can you help me to learn more?
(Other definitions for celebrated that I've seen before include "Rejoiced - famous" , "Observed (festival); famous" , "Notable" , "Cheered" , "Did something enjoyable (to mark an event)" .)